Deutsche Executive Is Asked to Retire
As Its Asset-Management Unit Falters

By

Marcus Walker Staff Reporter of The Wall Street Journal

Updated March 28, 2002 12:01 a.m. ET

FRANKFURT -- U.S. executive Michael Philipp has been forced to resign from Deutsche Bank AG after playing a leading role in the bank's transformation in recent years.

Europe's biggest bank by assets said Mr. Philipp had resigned as global head of asset management and would be succeeded by his No. 2, Thomas Hughes. Mr. Philipp's other main role of developing advisory services to affluent private clients will go to a new recruit, Swiss...